EOS price weekly analysis 8 August: Value dipped, while trading volumes plummeted
Australian project SmartPress beat out the competition to take the top prize at the first-ever EOS Hackathon.
Key takeaways
- After trading at a weekly high of US$7.35 to start the week, EOS has dropped to US$7.01.
- Trading volumes have declined by almost one third week-on-week.
- Australians win EOS Hackathon from a pool of over 200 international participants.
EOS has lost a little over 4% of its value in the last seven days of trading.
The coin has seen some seriously turbulent trading, dipping to US$6.92 on Friday before climbing back up to US$7.30 over the weekend. It remained relatively stable going into Tuesday, recovering to US$7.16 at one point.
The cryptocurrency was trading at US$7.31 a week ago, hitting a high of US$7.39 that same day before gradually falling down to around the US$7.00 mark. In the last six hours, EOS lost over 2% to finish at US$7.01.
Trading volumes plummeted over the last seven days, from US$709,000 on 31 July to US$478,000 on 7 August. This means that EOS's trading volume declined by approximately one third (33%) in the space of a week.
Bitcoin Exchange Guide reports that the price of EOS is below the 12-day exponential moving average (EMA) and is also lower than the 26-day EMA, indicating that the current bearish market trend is likely to continue.
However, analysts at Coinspeaker suggest that this is simply a short-term ranging movement and that the situation may soon change. Despite these remarks, the EOS/USD long-term trend remains bearish.
"By dropping one percent yesterday, it means prices are narrowly consolidating along our main support line and sell trigger," BTC News reported.
Australian project SmartPress beat the competition to take out the top prize at the inaugural EOS Global Hackathon held in Sydney, Australia this past weekend. The winners were selected from a pool of over 200 international participants, making up more than 50 teams, enduring 26 consecutive hours of programming.
SmartPress developed a web app, built on EOSIO, that allows Australians, including those with limited coding and technical experience, to design and deploy smart contracts for use with existing or new applications.
Two other Aussie teams claimed second and third position in the contest, sharing in the US$120,000 prize pool.
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